GLP secures new leases with third party logistics firms in China

MAINBOARD-LISTED logistics facilities provider GLP on Tuesday said that it has signed 106,000 sq m (1.1 million sq ft) of new leases with third party logistics companies in China over the past two months.

The customers are serving domestic distribution demand from the express delivery and less-than-truckload sectors, it said in a filing to the local bourse.

With these leases, GLP establishes a new customer relationship with Yimidida, while extending partnerships with three existing third party logistics customers, including Best Logistics.

Said Victor Mok, co-president of GLP China: "The fundamentals of China's logistics market remain strong, driven by continued growth of organised retail including e-commerce. We see new customers emerging, including aggregators of previously fragmented operations. GLP's modern logistics facilities form an important cornerstone of an efficient distribution network which can enhance operational efficiencies and create value for our customers."

GLP owns and manages a global portfolio of 54 million sq m, with dominant market positions in China, Japan, US and Brazil. The company is one of the world's largest real estate fund managers, with assets under management of US$38 billion.